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Gasoline prices in Toronto went up by 20 percent from $1.50/litre to $1.80/litre. Suppose the price elasticity of gasoline is 0.8. This implies that the

Gasoline prices in Toronto went up by 20 percent from $1.50/litre to $1.80/litre. Suppose the price elasticity of gasoline is 0.8. This implies that the quantity of gasoline demanded must have decreased by Question 15Select one: A. 3%. B. 4%. C. 25%. D. 0.04%. E. 16%

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